Posts Tagged ‘Mortgage Works’

I understand a home equity mortgage. Can anyone explain how a second mortgage works?

Posted in Credit on 04/06/2010 02:56 pm by admin
babygrldog asked:


Is the higher rate of interest charged by the lender the only reason for them to do a second mortgage?Why would the lenders lend more money than the property is appraised for?

MICHEL
 

Is a home equity loan and a second mortgage the same thing?

Posted in Personal Finance on 09/03/2009 03:55 pm by admin
MUSCLES asked:


If not, can someone explain how a second mortgage works in laymans terms? Can I take out a second mortgage if I haven’t had my house that long?

DYLAN